We are adding Polen Capital as a sub-advisor to the iMGP International Fund effective September 30, 2021. Concurrently, we are removing Pictet Asset Management and Evermore Global Advisors as sub-advisors to the fund. We believe Polen will be an excellent addition to the fund in achieving its goal of attractive long-term performance. In addition, these changes should help the fund achieve the desired investment style balance in line with its core international mandate. Both Pictet and Evermore have been great partners over the past several years they have been sub-advisors and we thank them for their contributions to the Fund.
Polen Capital is an independently owned, employee-controlled global investment management firm. We have chosen Polen’s Large Company Growth team for this sub-advisor mandate. They invest in companies they believe are financially sound and competitively advantaged that they can own for many years and that in their view offer the best odds for attractive and sustained earnings growth. All of the firm’s strategies are run in a concentrated fashion. As such, we believe Polen is ideally suited to running a concentrated portfolio of typically 15 stocks or less for iMGP International Fund. Polen believes having a concentrated portfolio with the highest-quality businesses will provide a higher margin of safety and that share prices will follow earnings growth.
After the above changes, effective September 30, 2021, the iMGP International Fund will consist of three sub-advisors, each equally weighted. We believe this combination will help meet the fund’s goal of outperforming its benchmark while staying diversified in terms of portfolio holdings and style exposures. The table below outlines the new manager roster, their tenure on iMGP, weighting, and their respective style orientation.
|Sub-advisor||Allocation||Inception date on the Fund||Investment Style|
|Harris Associates||33.3%||December 1, 1997||Value|
|Lazard Asset Management||33.3%||February 1, 2013||Blend|
|Polen Capital||33.3%||September 30, 2021||Growth|
Learn more about Polen Capital in our Due Diligence report.